Say goodbye to the dream

[fsuplayer]

give it a couple weeks or months. the party fish are still probably opening accounts at new sites and such. something that good players do right away, which is probably why the games are tight right now.

[lapoker17]

[ QUOTE ]
Sure when the market is going up. It's a different story in an economic downturn.


[/ QUOTE ]

you seek volatility - not just the market going up.

[LearnedfromTV]

[ QUOTE ]
[ QUOTE ]
diablo, others,

people who don't understand the pyramid nature of such jobs should read the relevent chapter of Freakanomics, and digest it for a bit. it's pretty obvious that certain types of industries (law and trading are two of the most perfect fits) follow the same model as the drug-gangs.

citanul

[/ QUOTE ]

Sounds similar. Except the employees on the low-end of the totem pole are making just under $100k/yr with high stress instead of $10k/yr with a high chance of death.

[/ QUOTE ]

Cool analogy. I remember that chapter.

[fsuplayer]

la-

your PM box is full. empty it or just sign onto aim plz.

[lapoker17]

i'll clear my box - i'm not on my comp - i don't even know if this comp has aim - i'll go get it...

[Benal]

[ QUOTE ]

Quote:
Sure when the market is going up. It's a different story in an economic downturn.




you seek volatility - not just the market going up.


[/ QUOTE ]

This is so true. God I wish it was '99-00 again.

[ML4L]

[ QUOTE ]
If you asked me this summer, there wasn't much chance that I wouldn't be playing professional poker for at least a little while after graduation. Well, this year I decided to put some energy into applying for jobs, and it turned out to go way better than expected... You dont need to know anything about finance to get a trading job, and they really look fondly on good poker skills, and some firms don't get too caught up with grades.

I had a good long thought about my options and in the end it comes down to the fact that I am likely at my most "marketable" to the trading world now. If I took time off for poker, I'd have a lot less leverage and would not be as young or seem as motivated/engaged in the eyes of some firms on wall street. I'd also look very desperate perhaps (IE, oh look he failed playing poker NOW he wants a finance job, he probably is just in it because his first option didnt work out, how motivated can he be?) In addition, with online poker very much looking like a crappy option, poker is a lot more unappealing as a career. Plus, I want to be involved in social circles that extend beyond poker social circles. All these factors led me to aggressively apply for jobs this recruiting season... Plus I am genuinely convinced this would be a great field for me to be in next year.

So with my sub-3 gpa, but beautiful looks and schmoozing abilities, I have an offer from Morgan Stanley trading single stock equity derivatives, and an offer from JP Morgan on their Commodities desk. I also am in late round interviews with a third firm (Goldman Sachs). There is no doubt I will end up at one of these companies this July.

I guess this post is a little depressing in a way, but I feel like I am probably making the best long-term decision for me, at the expense of living the life right out of college.

Any thoughts about these decisions, or the 2 firms I got offers from (I am undecided at the moment), or HU bankroll challenges would be appreciated. Right now I'm feeling pretty good about a life in New York working for a pretty good firm. The hours are something like 6:30am to between 5-8pm at night, so serious hours. Pay is probably exactly what you'd expect for a first year job on wall street, I'm not going to post numbers but your first guess is probably correct.

-Jason

[/ QUOTE ]

Standard.

Mike

[Your Mom]

[ QUOTE ]
Jason,

If you accept any one of the trading positions offered
to you, then you will be making a very wise choice.

For a number of years I was a member of the American Stock
Exchange and made markets in equity options. There were
quite a few bridge, backgammon, and chess players on the
floor in those days, including Jason Lester and Paul Magriel
(on the COMEX I think). I know that a lot of the floor
traders would envy the training and support that you will
receive from the big firms.

Trading a desk on Wall Street is infinitely more interesting
and complex than poker. You will meet very interesting
people, you will learn a great deal more about the world
than you could spending all day at the Bellagio, and your
expected lifetime earn is much much greater than it would
ever be at poker.....even for someone with your skills and
prior record of success.

Which job to take? They are all top firms with top training
programs. My own inclination would be to choose an equity
options job over a commodity trading desk. Its more mathematical and broader based, with broader applications
throughout finance. Goldman is the premier firm, but
all three are first class.

Good luck and congratulations on making a very very
wise move.

Suerte,
Jonathan

[/ QUOTE ]

Yeah, go work for the AMEX. Their traders must make hundreds of thousands of dollars the way they screw retail clients.

[trplthrt]

I would actually recommend the opposite. There is a big need for good commodity traders out there and much less crowded of a space and in my opinion much more interesting.

-trplthrt

[Dan BRIGHT]

Hello everyone,

Today in nl I flopped a set. My opponent happened to have top pair. I then won all his money. I am curious as to what the investing equivalent of flopping a set is. Also, I am interested in knowing ways to make things rigged for me to do so.